Cipher Mining announces CFO transition as Ed Farrell retires

NEW YORK - Cipher Mining Inc. (NASDAQ:CIFR), a bitcoin mining company whose stock has surged over 216% year-to-date according to InvestingPro data, announced Monday that Chief Financial Officer Ed Farrell will retire on October 14, 2025, and transition to a Senior Advisor role with the company.

Greg Mumford has been appointed as the incoming CFO, effective upon Farrell’s retirement. Mumford joins Cipher from Keefe, Bruyette & Woods, where he served as a senior banker in the Digital Assets & Infrastructure Investment Banking group.

Farrell, who was Cipher’s first CFO, played a key role in taking the company public in 2021 and guiding its financial operations during its early years as a publicly traded entity. In his new advisory capacity, he will support the CFO leadership transition and continue to provide strategic guidance.

"I want to extend my deepest gratitude to Ed for his exceptional leadership in building Cipher’s solid foundation," said Tyler Page, Cipher’s CEO, according to a company press release.

Mumford brings over a decade of experience in financial services, credit, and capital markets. At Cipher, he will lead the finance department, serve on the Executive Management Team, and report directly to Page.

Cipher Mining develops and operates industrial-scale data centers for bitcoin mining and high-performance computing hosting.

The information in this article is based on a company press release statement.

In other recent news, Cipher Mining Inc. has issued $1.3 billion in convertible senior notes due 2031, with the option for initial purchasers to buy an additional $200 million fully exercised. This move comes as Cipher Mining strengthens its financial position with significant developments in its projects and partnerships. Canaccord Genuity has raised its price target for Cipher Mining to $16, citing a deal involving the majority of its Barber Lake project. Similarly, Needham increased its price target to $15, highlighting the attractiveness of the Fluidstack lease backed by Google.

H.C. Wainwright also raised its price target to $17, reflecting a shift in valuation methodology to a sum-of-the-parts approach. Keefe, Bruyette & Woods (KBW) followed suit by increasing their price target to $13, driven by Cipher Mining’s first high-performance computing colocation agreement with Fluidstack, which is expected to generate approximately $3 billion in revenue over a decade. These analyst upgrades underscore positive sentiment toward Cipher Mining’s strategic initiatives and future growth potential.

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